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1. Many people bought more than one 360 because of hardware failure
2. If people own both a 360 and a PS3, they'd only own a CoD game for one console
3. People may not buy every CoD game in the series.
4. People go around to their friend's house to play, or to their sibling's 360 in another room

For the last two, remember there have to be millions of people who take gaming far more casually than VGC does, in terms of buying everything in a series, being aware that new games are coming out, and being determined to own a copy.